I heard “we will, we will, we will” today, but not much ” we did. we did, we did.” I thought we were paying for “we did.”? But don’t worry to much, you have warrants in AIG to get you through while you wait for the XLF to bounce off $5.
Today was a disgrace and the administration got a D- on how to communicate policy to investors big AND small, and more importantly, the American public. Tim Geithner tried to do his best Eddie Haskel, but it didn’t fly. Folks are too smart and they are now seasoned and salty veterans after all the previous fandangos, TARP 1,2 and TALF. This is fast becoming a goat screw of biblical proportions and frankly I think we’re done. The market needed shock and awe, it’s what I’ve been writing about all week, and all it got was a wet firecracker. The market Gods aren’t stupid and they destroyed the heretics from K Street.
The only thing bigger than Geithner’s ears is his probable belief that investors would buy the nonsense he spewed today. If this is change we can count on load me up on FAZ and I’ll see you all in a few months. How about housing? Oh, that’s coming in a few weeks. The porkulus package is done right? Nah, Steny Hoyer just said it is now the end of NEXT week,and don’t forget the market is closed this coming Monday. So it’s all good in the hood and long is wrong as usual.
When we look back on this market years from now, we will notice that every rally has been the shorting opportunity of a lifetime, that’s how I’ve played it for over a year and I don’t plan on changing a thing. Unless you’re Cramer and the pundits, then you buy the rip and sell the dip.